JPMorgan downgraded SolarCity (NASDAQ: SCTY) from Overweight to Neutral with a price target of $68.00 (unchanged).

"The stock is up 32% YTD and has traded through our $68 price target, with which we believe risk/reward is now more balanced. We believe that fundamentals remain constructive; the firm is doing an excellent job of reducing the cost of finance, expanding market reach, and increasing efficiency; however, at this price level some of the exogenous risks come into focus, including rising interest rates, competition, and growing opposition to distributed solar from utilities," said analyst Paul Coster.

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